Former Australian Senator and Minister for Superannuation, Nick Sherry, has been appointed Senior Advisor to Citi’s Securities and Fund Services, part of the Citi Transaction Services division. Mr Sherry will be based in Australia and will have a regional role supporting Citi’s pension fund clients in Asia Pacific.

In welcoming Mr Sherry to Citi, Stephen Roberts, Chief Country Officer for Citi in Australia, said “We are delighted to have Nick join Citi. He joins a team with local capabilities and international reach, well positioned to provide custody and administration services in Australia to support the needs of the fastest growing pool of superannuation assets in the world.”

David Russell, Regional Head of Citi’s Securities and Fund Services, said Mr Sherry would also play an important role in the Asia Pacific region. “Australia’s original and continued reform of superannuation leads the world, and Nick has played an important role in this reform. His knowledge of the industry will support our efforts across the region as we continue to service the growing demands of the pension sector.”

Mr Sherry was Chair of the Senate Committee on Superannuation, Minister for Superannuation and Australia’s first Minister for Superannuation and Corporate Law. He also has extensive knowledge of global policy developments, in particular in many Asian countries and the United Kingdom and the United States where pension (superannuation) reform is a major focus and Citi, as a global leader, is keen to contribute.

Mr Sherry said “I am delighted to join the Citi team at a time of great change within the superannuation industry. There are many new demands and opportunities for the custody business which Citi can meet. Citi’s global and local presence, coupled with investment services, banking and capital markets operations will allow the bank to meet the full scope of a fund’s requirements.”

Citi’s Securities and Fund Services currently oversees custody and administration for A$125 billion in Australian client assets and close to US$13 trillion globally. Citi was recently ranked Top Rated in the Global Custodian’s Agent Banks in Major Markets Survey in Australia and New Zealand where Citi was ranked number one in Australia for both leading and cross-border/non-affiliated clients and number one for leading clients in New Zealand. Citi was Top Rated for the Asia Pacific region and globally received the highest number of top rated market awards.